RAMAN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
RAMAN
Largest movements
- Tangible fixed assets -€147,052
down €147,052 (-4.0%), from €3.6m to €3.5m
of which Land and buildings: -€139,769
- Cash -€94,760
down €94,760 (-44.8%), from €211,449 to €116,689
mainly Debts after one year (-€222,243) and Receivables within one year (-€75,868)
- Receivables within one year +€75,868
up €75,868 (+52.9%), from €143,391 to €219,259
of which Other amounts receivable: +€83,289
- Deferred charges and accrued income +€45,804
new in 2025: €45,804
- Debts after one year -€222,243
down €222,243 (-13.1%), from €1.7m to €1.5m
- Reserves +€96,318
up €96,318 (+4.9%), from €2.0m to €2.1m
of which Distributable reserves: +€96,318
- Staff costs +€89,106
up €89,106 (+18.1%), from €491,155 to €580,261
- Gross operating margin -€64,460
down €64,460 (-6.7%), from €964,986 to €900,526
- Taxes -€37,262
down €37,262 (-51.9%), from €71,780 to €34,518
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,420,793 | €4,300,653 | -€120,141 | -2.7% |
| Fixed assets | 21/28 | €4,063,453 | €3,916,401 | -€147,052 | -3.6% |
| Tangible fixed assets | 22/27 | €3,634,141 | €3,487,089 | -€147,052 | -4.0% |
| Land and buildings | 22 | €3,585,357 | €3,445,588 | -€139,769 | -3.9% |
| Plant, machinery and equipment | 23 | €47,791 | €40,838 | -€6,953 | -14.5% |
| Furniture and vehicles | 24 | €993 | €662 | -€331 | -33.3% |
| Financial fixed assets | 28 | €429,312 | €429,312 | = | 0.0% |
| Current assets | 29/58 | €357,340 | €384,252 | +€26,912 | +7.5% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €143,391 | €219,259 | +€75,868 | +52.9% |
| Trade receivables | 40 | €141,196 | €133,774 | -€7,422 | -5.3% |
| Other amounts receivable | 41 | €2,195 | €85,484 | +€83,289 | +3,794% |
| Cash at bank and in hand | 54/58 | €211,449 | €116,689 | -€94,760 | -44.8% |
| Deferred charges and accrued income | 490/1 | - | €45,804 | +€45,804 | |
| Total equity and liabilities | 10/49 | €4,420,793 | €4,300,653 | -€120,141 | -2.7% |
| Equity | 10/15 | €2,390,642 | €2,486,960 | +€96,318 | +4.0% |
| Contributions | 10/11 | €406,250 | €406,250 | = | 0.0% |
| Capital | 10 | €406,250 | €406,250 | = | 0.0% |
| Issued capital | 100 | €406,250 | €406,250 | = | 0.0% |
| Reserves | 13 | €1,984,392 | €2,080,710 | +€96,318 | +4.9% |
| Non-distributable reserves | 130/1 | €40,625 | €40,625 | = | 0.0% |
| Legal reserve | 130 | €40,625 | €40,625 | = | 0.0% |
| Distributable reserves | 133 | €1,943,767 | €2,040,085 | +€96,318 | +5.0% |
| Amounts payable | 17/49 | €2,030,151 | €1,813,693 | -€216,459 | -10.7% |
| Amounts payable after more than one year | 17 | €1,696,055 | €1,473,812 | -€222,243 | -13.1% |
| Financial debts | 170/4 | €1,696,055 | €1,473,812 | -€222,243 | -13.1% |
| Amounts payable within one year | 42/48 | €334,096 | €339,880 | +€5,784 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €217,932 | €222,243 | +€4,311 | +2.0% |
| Trade debts | 44 | €54,523 | €63,550 | +€9,027 | +16.6% |
| Suppliers | 440/4 | €54,523 | €63,550 | +€9,027 | +16.6% |
| Taxes, remuneration and social security | 45 | €61,641 | €54,087 | -€7,554 | -12.3% |
| Taxes | 450/3 | €9,765 | €5,529 | -€4,236 | -43.4% |
| Remuneration and social security | 454/9 | €51,876 | €48,558 | -€3,318 | -6.4% |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €491,155 | €580,261 | +€89,106 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,828 | €150,224 | -€1,604 | -1.1% |
| Other operating charges | 640/8 | €3,636 | €3,561 | -€75 | -2.1% |
| Gross operating margin | 9900 | €964,986 | €900,526 | -€64,460 | -6.7% |
| Operating profit (loss) | 9901 | €318,367 | €166,480 | -€151,887 | -47.7% |
| Financial income | 75/76B | €81 | €397 | +€316 | +390% |
| Recurring financial income | 75 | €81 | €397 | +€316 | +390% |
| Financial charges | 65/66B | €40,874 | €36,040 | -€4,834 | -11.8% |
| Recurring financial charges | 65 | €40,874 | €36,040 | -€4,834 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €277,574 | €130,836 | -€146,738 | -52.9% |
| Income taxes | 67/77 | €71,780 | €34,518 | -€37,262 | -51.9% |
| Profit (loss) for the period | 9904 | €205,794 | €96,318 | -€109,476 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €205,794 | €96,318 | -€109,476 | -53.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.